skip to Main Content

Pr. 3—LeasesMaris Co. purchased a machine on January 1, 2011, for $1,000,000 for

Pr. 3—LeasesMaris Co. purchased a machine on January 1, 2011, for $1,000,000 for the express purpose of leasing it. The machine is expected to have a five-year life, no salvage value, and be depreciated on a straight-line monthly basis. On April 1, 2011, under a cancelable lease, Maris leased the machine to Dunbar Company for $300,000 a year for a four-year period ending March 31, 2015. Maris incurred total maintenance and other related costs under the provisions of the lease of $15,000 relating to the year ended December 31, 2011. Harley paid $300,000 to Maris on April 1, 2011.Instructions

GET HELP WITH THIS PAPER TODAY

Do you need help working on this assignment? We will write a custom essay on this or any other topic specifically for you.

Back To Top